Bank of Marin Bancorp (NASDAQ:BMRC) Price Target Lowered to $15.00 at DA Davidson

Bank of Marin Bancorp (NASDAQ:BMRC) had its target price reduced by DA Davidson from $17.00 to $15.00 in a report released on Tuesday morning, Benzinga reports. They currently have a neutral rating on the bank’s stock. DA Davidson also issued estimates for Bank of Marin Bancorp’s FY2024 earnings at $0.80 EPS and FY2025 earnings at $1.35 EPS.

Separately, Stephens lowered their price target on shares of Bank of Marin Bancorp from $19.00 to $16.00 and set an equal weight rating for the company in a report on Tuesday.

Bank of Marin Bancorp Price Performance

Shares of NASDAQ:BMRC opened at $15.56 on Tuesday. Bank of Marin Bancorp has a 1 year low of $12.89 and a 1 year high of $23.24. The stock has a market capitalization of $253.63 million, a price-to-earnings ratio of 18.75 and a beta of 0.88. The company’s 50 day simple moving average is $16.01 and its 200 day simple moving average is $18.26.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its earnings results on Monday, April 29th. The bank reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.10). Bank of Marin Bancorp had a return on equity of 4.11% and a net margin of 9.28%. The company had revenue of $36.90 million for the quarter, compared to the consensus estimate of $26.90 million. During the same period in the previous year, the firm posted $0.59 EPS. As a group, analysts anticipate that Bank of Marin Bancorp will post 0.96 EPS for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 9th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $1.00 annualized dividend and a dividend yield of 6.43%. Bank of Marin Bancorp’s dividend payout ratio is presently 120.48%.

Hedge Funds Weigh In On Bank of Marin Bancorp

A number of large investors have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in Bank of Marin Bancorp by 60.3% during the 1st quarter. BNP Paribas Financial Markets now owns 27,418 shares of the bank’s stock valued at $460,000 after purchasing an additional 10,316 shares during the last quarter. Bridge City Capital LLC increased its stake in shares of Bank of Marin Bancorp by 17.9% during the 1st quarter. Bridge City Capital LLC now owns 11,497 shares of the bank’s stock worth $193,000 after purchasing an additional 1,747 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Bank of Marin Bancorp by 348.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,358 shares of the bank’s stock worth $52,000 after acquiring an additional 1,832 shares during the last quarter. Trexquant Investment LP bought a new position in Bank of Marin Bancorp in the 4th quarter worth approximately $432,000. Finally, Wealthspire Advisors LLC purchased a new position in Bank of Marin Bancorp during the 4th quarter valued at about $355,000. 52.26% of the stock is currently owned by institutional investors.

About Bank of Marin Bancorp

Bank of Marin Bancorp operates as the holding company for Bank of Marin that provides a range of financial services primarily to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States. The company offers personal and business checking and savings accounts; and individual retirement, health savings, and demand deposit marketplace accounts, as well as time certificates of deposit, certificate of deposit account registry, and insured cash sweep services.